La-Z-Boy 4th-quarter Results Return To A Profit

MONROE, Mich. (AP) — Furniture maker La-Z-Boy Inc. on Monday reported a fiscal fourth-quarter profit as it cut costs, compared with a loss a year earlier.

Profit for the quarter ending April 25 totaled $5.3 million, or 10 cents per share, compared with a loss of $4.4 million, or 9 cents per share, last year. Excluding a penny-per-share impairment of long-lived assets related to its retail operation, a penny-per-share restructuring charge primarily related to store closures within the company's retail segment, and a 5-cents-per-share tax benefit, net income was 7 cents per share.

Selling, general and administrative expenses fell 15 percent.

Sales fell 23 percent to $284.5 million from $368 million last year.

Analysts polled by Thomson Reuters predicted a loss of 11 cents per share on revenue of $297.4 million. Analyst estimates typically exclude one-time items.

For the fiscal year, the company lost $121.3 million, or $2.36 per share, compared with a loss of $13.5 million, or 26 cents per share a year ago.

Sales fell 15 percent to $1.23 billion from $1.45 billion last year.

The Monroe, Mich.-based company said net debt at year end was less than $44 million, the lowest level it has been in the decade.

La-Z-Boy shares rose $1, or 27 percent, to $4.64 in after-hours trading after losing two cents in the regular session.